Association of Foreign Banks (AFB) Breach Incident Score: Analysis & Impact (ASS1764871588)

In this Rankiteo incident briefing, we review the Association of Foreign Banks (AFB) breach identified under incident ID ASS1764871588.

The analysis begins with a detailed overview of Association of Foreign Banks (AFB)'s information like the linkedin page: https://www.linkedin.com/company/association-of-foreign-banks, the number of followers: 5470, the industry type: Banking and the number of employees: 31 employees

After the initial compromise, the video explains how Rankiteo's incident engine converts technical details into a normalized incident score. The incident score before the incident was 752 and after the incident was 630 with a difference of -122 which is could be a good indicator of the severity and impact of the incident.

In the next step of the video, we will analyze in more details the incident and the impact it had on Association of Foreign Banks (AFB) and their customers.

On 04 December 2023, UK Banks disclosed Ransomware Policy Debate issues under the banner "UK Banks Oppose Proposed Ransomware Payment Ban".

UK banks have criticized a proposed ban on ransomware payments, arguing that it would do little to reduce cyber attacks.

Impact assessments are still underway, so the full scope is not yet clear.

Formal response steps have not been shared publicly yet.

Overall, the incident is a reminder of why proactive monitoring and strong governance matter.

Finally, we try to match the incident with the MITRE ATT&CK framework to see if there is any correlation between the incident and the MITRE ATT&CK framework.

The MITRE ATT&CK framework is a knowledge base of techniques and sub-techniques that are used to describe the tactics and procedures of cyber adversaries. It is a powerful tool for understanding the threat landscape and for developing effective defense strategies.

Rankiteo's analysis has identified several MITRE ATT&CK tactics and techniques associated with this incident, each with varying levels of confidence based on available evidence. Under the Impact tactic, the analysis identified Data Encrypted for Impact (T1486) with moderate to high confidence (70%), with evidence including type such as Ransomware, and explanation such as Attack limited on finance or reputation. Under the Initial Access tactic, the analysis identified Trusted Relationship (T1199) with moderate confidence (50%), supported by evidence indicating affected entities such as type such as Financial Institutions. These correlations help security teams understand the attack chain and develop appropriate defensive measures based on the observed tactics and techniques.